Plastic recyclers are going strong

The global plastic recycling market will be worth over US$ 65 billion (EUR 60.5 billion) by 2030, new data suggests.

The plastic recycling industry has been thriving for the last couple of years. It’s value in 2021 of US$ 43.8 billion in 2021 is expected to witness 4.5% compound annual growth by 2030.

The packaging segment will continue to see the most growth in the near to medium future, according to Straits Research. Other popular applications include the construction, electronics and automotive sector.

Europe has the highest plastic recycling rates due to the European Commission’s efforts to reduce plastic pollution. The region reuses 45% of plastic scrap in various production processes. Activity in Europe topped US$ 104 million in 2021 and is expected to reach US$ 163 million by 2030. This represents 5% compound annual growth.  

A detailed outlook by Straits Research gives an update on market trends, with graphs. It also maps the impact of the coronavirus on worldwide plastics recycling.